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Going around today

 
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LLB



Joined: 21 Mar 2007
Posts: 869
Location: Dallas, Texas

PostPosted: Tue Sep 23, 2008 8:48 pm    Post subject: Going around today Reply with quote

Courtesy of one-time AAR reviewer and author Megan Frampton (via Twitter):

Quote:
SUBJECT: REQUEST FOR URGENT BUSINESS RELATIONSHIP
posted 12:29 PM
DEAR AMERICAN:

I NEED TO ASK YOU TO SUPPORT AN URGENT SECRET BUSINESS RELATIONSHIP WITH A TRANSFER OF FUNDS OF GREAT MAGNITUDE.

I AM MINISTRY OF THE TREASURY OF THE REPUBLIC OF AMERICA. MY COUNTRY HAS HAD CRISIS THAT HAS CAUSED THE NEED FOR LARGE TRANSFER OF FUNDS OF 800 BILLION DOLLARS US. IF YOU WOULD ASSIST ME IN THIS TRANSFER, IT WOULD BE MOST PROFITABLE TO YOU.

I AM WORKING WITH MR. PHIL GRAM, LOBBYIST FOR UBS, WHO WILL BE MY REPLACEMENT AS MINISTRY OF THE TREASURY IN JANUARY. AS A SENATOR, YOU MAY KNOW HIM AS THE LEADER OF THE AMERICAN BANKING DEREGULATION MOVEMENT IN THE 1990S. THIS TRANSACTIN IS 100% SAFE.

THIS IS A MATTER OF GREAT URGENCY. WE NEED A BLANK CHECK. WE NEED THE FUNDS AS QUICKLY AS POSSIBLE. WE CANNOT DIRECTLY TRANSFER THESE FUNDS IN THE NAMES OF OUR CLOSE FRIENDS BECAUSE WE ARE CONSTANTLY UNDER SURVEILLANCE. MY FAMILY LAWYER ADVISED ME THAT I SHOULD LOOK FOR A RELIABLE AND TRUSTWORTHY PERSON WHO WILL ACT AS A NEXT OF KIN SO THE FUNDS CAN BE TRANSFERRED.

PLEASE REPLY WITH ALL OF YOUR BANK ACCOUNT, IRA AND COLLEGE FUND ACCOUNT NUMBERS AND THOSE OF YOUR CHILDREN AND GRANDCHILDREN TO WALLSTREETBAILOUT@TREASURY.GOV SO THAT WE MAY TRANSFER YOUR COMMISSION FOR THIS TRANSACTION. AFTER I RECEIVE THAT INFORMATION, I WILL RESPOND WITH DETAILED INFORMATION ABOUT SAFEGUARDS THAT WILL BE USED TO PROTECT THE FUNDS.

YOURS FAITHFULLY MINISTER OF TREASURY PAULSON

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Laurie Gold
http://laurie-gold.blogspot.com
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LizE



Joined: 22 Mar 2007
Posts: 253

PostPosted: Wed Sep 24, 2008 7:36 pm    Post subject: Reply with quote

Well, it's as good as what we've been hearing. Can't wait to see what our president comes up with tonight! Should be interesting.
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KarenS



Joined: 23 Mar 2007
Posts: 871
Location: Florida

PostPosted: Sun Sep 28, 2008 5:10 pm    Post subject: Reply with quote

According to Naomi Klein, the author of The Shock Doctrine this financial crisis is a perfect example of how capitalists take advantage of crises whether natural or man-made to get legislators to pass legislation that is pro-business and anti-middle class that normally wouldn't pass.
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LisaW



Joined: 05 Apr 2007
Posts: 173

PostPosted: Mon Sep 29, 2008 12:03 pm    Post subject: Reply with quote

KarenS wrote:
According to Naomi Klein, the author of The Shock Doctrine this financial crisis is a perfect example of how capitalists take advantage of crises whether natural or man-made to get legislators to pass legislation that is pro-business and anti-middle class that normally wouldn't pass.


There are "capitalists" and "open market capitalists" and this whole mess is not open market. It started with a nice idea that everyone should own a home ... even if they have shown no way to pay for the home, haven't shown a history of keeping up with their bills, and all-in-all should never have been in the position. Add to it municipalities looking for extended tax bases and allowing for proliferation of new houses without any real need for them. Keep jacking up the price of houses, basically in a fake manner because of all those buying houses who shouldn't have been, and eventually, the free market screams "HALT!"

Odd, all those nasty "capitalists" seem to be the mainly on one side of the legistative aisle ....
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Guenevere



Joined: 09 May 2008
Posts: 17
Location: Camelot

PostPosted: Mon Sep 29, 2008 1:21 pm    Post subject: Reply with quote

Yes, and I suppose it was just out of the goodness of their hearts that these lenders were lending money to unqualified borrowers. Please.
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KarenS



Joined: 23 Mar 2007
Posts: 871
Location: Florida

PostPosted: Mon Sep 29, 2008 3:27 pm    Post subject: Reply with quote

The mess is due to lack of oversight and greed. The banks made risky investments in derivatives and made loans to unqualified borrowers. Now they are in trouble and they are crying to the government for help. The same government they want to keep from regulating them. They can't have it both ways.

Meanwhile, people are losing their jobs and homes while a bail-out may be made to these capitalists who will walk away with millions. It's another way for government money to go to big business. Corporate welfare. Our money is going to the care and feeding of corporations but nothing for the tax payers.

Klein states this modus operandi is being played out through out the world. This happened in California a few years ago when Enron screwed the state of California out of billions of dollars over energy.
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LisaW



Joined: 05 Apr 2007
Posts: 173

PostPosted: Tue Sep 30, 2008 1:49 am    Post subject: Reply with quote

Guenevere wrote:
Yes, and I suppose it was just out of the goodness of their hearts that these lenders were lending money to unqualified borrowers. Please.


Actually, they were somewhat "forced" into it -- threatened with lower ratings if they didn't help the sub-prime borrower get into houses, through the Community Reinvestment Act which "was meant to encourage banks to make loans to high-risk borrowers, often minorities living in unstable neighborhoods." Banks that wanted to expand or merge with other banks had to prove they were in compliance. Then, they discovered they could make these lousy loans and palm them off to Fannie Mae and Freddie Mac -- being government sponsored -- and Fannie and Freddie forgot to be financial institutions and acted more like social institutions. Then, these loans were packaged up and offered on the world market.

Then, when REPUBLICANS started pushing for some reining in of these loans and Fannie and Freddie, at pot full of DEMOCRATS pooh poohed the problem, saying Fannie and Freddie were just fine.



http://www.youtube.com/watch?v=_MGT_cSi7Rs

Of course, those same Republicans didn't take the issue more to the people to try to force some action ... they didn't push hard enough. But, with a Democrat majority in both houses ....

Now, add in the fraudulent accounting that allowed the paying of outrageous executive bonuses:


http://www.washingtonpost.com/ac2/wp-dyn/A32845-2005Apr6?language=printer
Quote:
Fannie Mae reported paying the following executive bonuses in 1998: chairman and chief executive James A. Johnson received $1.932 million; Franklin D. Raines, chairman-designate, received $1.11 million; Chief Operating Officer Lawrence M. Small received $1.108 million; Vice Chairman Jamie S. Gorelick received $779,625; Chief Financial Officer J. Timothy Howard received $493,750; and Robert J. Levin, an executive vice president, received $493,750.


Oh, Franklin Raines? Said he was contacted by the Obama campaign for information on banking and mortgages. James Johnson? On the Obama VP selection committee. Jaime Gorelick? She's the brain trust that devised the policy that kept the FBI from talking to the CIA from talking to other Intelligence about the 9/11 terrorists.

So, no, there was no "goodness of their hearts." There was the declaration that the practice of "redlining" (marking at area as not a good mortgage risk) and not providing mortgages to unqualified borrowers as "racist" that helped. There was greed. But before assuming you know who the greedy ones were ... do some checking.
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KarenS



Joined: 23 Mar 2007
Posts: 871
Location: Florida

PostPosted: Tue Sep 30, 2008 9:51 am    Post subject: Reply with quote

LisaW wrote:
Guenevere wrote:
Yes, and I suppose it was just out of the goodness of their hearts that these lenders were lending money to unqualified borrowers. Please.


Actually, they were somewhat "forced" into it -- threatened with lower ratings if they didn't help the sub-prime borrower get into houses, through the Community Reinvestment Act which "was meant to encourage banks to make loans to high-risk borrowers, often minorities living in unstable neighborhoods." Banks that wanted to expand or merge with other banks had to prove they were in compliance. Then, they discovered they could make these lousy loans and palm them off to Fannie Mae and Freddie Mac -- being government sponsored -- and Fannie and Freddie forgot to be financial institutions and acted more like social institutions. Then, these loans were packaged up and offered on the world market.

Then, when REPUBLICANS started pushing for some reining in of these loans and Fannie and Freddie, at pot full of DEMOCRATS pooh poohed the problem, saying Fannie and Freddie were just fine.



http://www.youtube.com/watch?v=_MGT_cSi7Rs

Of course, those same Republicans didn't take the issue more to the people to try to force some action ... they didn't push hard enough. But, with a Democrat majority in both houses ....

Now, add in the fraudulent accounting that allowed the paying of outrageous executive bonuses:


http://www.washingtonpost.com/ac2/wp-dyn/A32845-2005Apr6?language=printer
Quote:
Fannie Mae reported paying the following executive bonuses in 1998: chairman and chief executive James A. Johnson received $1.932 million; Franklin D. Raines, chairman-designate, received $1.11 million; Chief Operating Officer Lawrence M. Small received $1.108 million; Vice Chairman Jamie S. Gorelick received $779,625; Chief Financial Officer J. Timothy Howard received $493,750; and Robert J. Levin, an executive vice president, received $493,750.


Oh, Franklin Raines? Said he was contacted by the Obama campaign for information on banking and mortgages. James Johnson? On the Obama VP selection committee. Jaime Gorelick? She's the brain trust that devised the policy that kept the FBI from talking to the CIA from talking to other Intelligence about the 9/11 terrorists.

So, no, there was no "goodness of their hearts." There was the declaration that the practice of "redlining" (marking at area as not a good mortgage risk) and not providing mortgages to unqualified borrowers as "racist" that helped. There was greed. But before assuming you know who the greedy ones were ... do some checking.


Looks like right-wing, racist crap to me.

Here's a link to Business Week regarding the Community Reinvestment Act.

http://www.businessweek.com/investing/insights/blog/archives/2008/09/community_reinv.html

Following is a quote from Business Week--the well known left wing rag


"Fresh off the false and politicized attack on Fannie Mae and Freddie Mac, today weíre hearing the know-nothings blame the subprime crisis on the Community Reinvestment Act ó a 30-year-old law that was actually weakened by the Bush administration just as the worst lending wave began. This is even more ridiculous than blaming Freddie and Fannie.

The Community Reinvestment Act, passed in 1977, requires banks to lend in the low-income neighborhoods where they take deposits. Just the idea that a lending crisis created from 2004 to 2007 was caused by a 1977 law is silly. But itís even more ridiculous when you consider that most subprime loans were made by firms that arenít subject to the CRA."

Also, the you-tube crap you gave us comes from Naked Emperor News. Sure looks racist and anti-science to me.

You need to find better sources.

You have to remember the market was going up 20% per year while these loans were being made. The banks didn't see any risk as they felt they couldn't lose. Is this greed or over-confidence or stupidity? The bubble couldn't last forever. It never does so we are having a correction. We will have to see how it plays out.

If you want to see the number of foreclosures in your zip code go to Hotpads.com and check it out. It's not just the poor parts of town that are having problems but the high-end folks too!
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LisaW



Joined: 05 Apr 2007
Posts: 173

PostPosted: Tue Sep 30, 2008 3:49 pm    Post subject: Reply with quote

KarenS wrote:

Looks like right-wing, racist crap to me.

Here's a link to Business Week regarding the Community Reinvestment Act.

http://www.businessweek.com/investing/insights/blog/archives/2008/09/community_reinv.html

Following is a quote from Business Week--the well known left wing rag


"Fresh off the false and politicized attack on Fannie Mae and Freddie Mac, today weíre hearing the know-nothings blame the subprime crisis on the Community Reinvestment Act ó a 30-year-old law that was actually weakened by the Bush administration just as the worst lending wave began. This is even more ridiculous than blaming Freddie and Fannie.

The Community Reinvestment Act, passed in 1977, requires banks to lend in the low-income neighborhoods where they take deposits. Just the idea that a lending crisis created from 2004 to 2007 was caused by a 1977 law is silly. But itís even more ridiculous when you consider that most subprime loans were made by firms that arenít subject to the CRA."

Also, the you-tube crap you gave us comes from Naked Emperor News. Sure looks racist and anti-science to me.

You need to find better sources.

You have to remember the market was going up 20% per year while these loans were being made. The banks didn't see any risk as they felt they couldn't lose. Is this greed or over-confidence or stupidity? The bubble couldn't last forever. It never does so we are having a correction. We will have to see how it plays out.


If you want to see the number of foreclosures in your zip code go to Hotpads.com and check it out. It's not just the poor parts of town that are having problems but the high-end folks too!


Uh -- the You Tube Crap? That was filmed in the US Congress. Sound like an excellent source to me. Sounds like you suffer from that liberal idiocy syndrome.

Just what do you think caused the problems with the mortgages? Bush was President -- not King of the World. Amazing how everyone forgets there is a Senate and a House of Representatives and all the President can do is sigm laws or veto them.

Sure there are a lot of foreclosure. Morons thought they could buy that brand new house, costing more than they should pay, before selling the house they were in. Other morons bought houses they couldn't afford ... except they got variable rate loans with low initial interest rates and then got hit with the higher rates. There were the morons who took out interest only loans, no money down, figuring they'd make a killing when they'd sell the house. Great ideas while the market was rising. But, as with all things that artificially get boosted, the market fell and all those morons were upside down in their houses.

Add in all those nice execs at Fanny Mae and Freddie Mac taking their salaries, cheating on financial reports and getting bonuses ... all those nice execs who are Democrat.

Get your head out of the sand. Nobody in Washington, DC, is completely clear of blame -- but there were a whole lot more conservatives trying to stay conservative trying to fight it. And amazing how "right wing" and "racist" seems to go together so well ... when, so far in this election cycle, the only ones bringing up racist comments and sexist comments are the liberals ... oh, excuse me, "progressives" -- if this is progess, it's time to put the brakes on.

Oh, and Enron managed to screw California because all those Californians crying "Not in My Backyard!" and also caps on what could be charges to the customers for power ... guess what? When the Californians managed to run all the in state electricity generating companies out of business, the state was left with getting power from companies like Enron ... and whatever they could be forced to pay. Being stupid costs real dollars.
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